Khalid al-Falih also said that Crown Prince Mohammad bin Salman would visit Pakistan in February to sign the agreement adding that Saudi Arabia would also invest in other sectors.

Besides Saudi Arabia, China extended $60 billion as part of the China Pakistan Economic Corridor (CPEC) that involves building power stations, major highways, new and upgraded railways and higher capacity ports.

Beijing's support would help Pakistan to emerge as a major overland route linking western China to the world.

Last month, the UAE said it will soon give $3 billion to Islamabad.

(With inputs from Reuters)

Story highlights

'Saudi Arabia wants to make Pakistan's economic development stable through establishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor,' Saudi Energy Minister Khalid al-Falih told reporters in Gwadar.